PSEi rebounds on gov’t measures vs. COVID-19

Share prices on the Philippine Stock Exchange saw a recovery on Tuesday as investors cheered the government’s measures to address the economic impact of the COVID-19 threat.

The bellwether PSEi gained 30.90 points or 0.65% to 4,774.27 at the closing bell. The broader All Shares increased 20.93 points or 0.71% to 2,947.95.

“The markets reacted positively on the fiscal and monetary stimulus measures by the Philippine government to combat COVID-19,” Unicapital Securities equity analyst Christopher San Pedro said.

The National Economic and Development Authority (NEDA) has proposed a three-phase approach to mitigate the social and economic impact of the coronavirus disease 2019 (COVID-19) to the Philippines. 

The Bangko Sentral ng Pilipinas earlier announced it will purchase P300-billion worth of securities from the Bureau of Treasury (BTr) to support government programs against the spread of the disease. 

“This was a sign of investors’ appreciation with the government’s effort to mitigate the coronavirus’ economic impact,” Philstocks Financial equity analyst Japhet Tantiangco said.

“Still, worries are present in today’s trading amid the pandemic, tampering gains. This is what’s stopping the market from further advancing,” Tantiangco said.

More than 565.337 million shares valued at P5.085 billion, changed hands. Advancers led decliners, 114 to 68, and 31 issues were unchanged. —  RSJ, GMA News